Versus Systems Files 8-K: Material Agreement, Debt, Equity Sales
Ticker: VS · Form: 8-K · Filed: Oct 22, 2024 · CIK: 1701963
Sentiment: neutral
Topics: material-agreement, debt-obligation, equity-sale
Related Tickers: VS
TL;DR
VS: 8-K filed - new debt, sold shares, material agreement. Watch for dilution.
AI Summary
On October 16, 2024, Versus Systems Inc. entered into a material definitive agreement, likely related to financing or operations, as indicated by the filing of a Form 8-K. The company also reported the creation of a direct financial obligation and unregistered sales of equity securities, suggesting potential dilution or new funding rounds. Specific details on the agreement, obligations, and equity sales are not fully disclosed in the provided text.
Why It Matters
This filing indicates significant corporate actions by Versus Systems Inc., including new financial obligations and equity transactions, which could impact its financial structure and shareholder value.
Risk Assessment
Risk Level: medium — The filing mentions direct financial obligations and unregistered sales of equity, which can signal financial distress or dilutionary events.
Key Players & Entities
- Versus Systems Inc. (company) — Registrant
- October 16, 2024 (date) — Earliest event reported
- 001-39885 (other) — Commission File Number
- 46-4542599 (other) — IRS Employer Identification No.
FAQ
What is the nature of the material definitive agreement entered into by Versus Systems Inc. on October 16, 2024?
The provided text states that Versus Systems Inc. entered into a material definitive agreement on October 16, 2024, but does not specify the details of this agreement.
What type of direct financial obligation was created by Versus Systems Inc.?
The filing indicates the creation of a direct financial obligation by Versus Systems Inc., but the specific nature and terms of this obligation are not detailed in the provided text.
What were the details of the unregistered sales of equity securities by Versus Systems Inc.?
The filing reports unregistered sales of equity securities by Versus Systems Inc., but the number of shares, price, and terms of these sales are not specified in the provided text.
What is the Commission File Number for Versus Systems Inc.?
The Commission File Number for Versus Systems Inc. is 001-39885.
What is the IRS Employer Identification Number for Versus Systems Inc.?
The IRS Employer Identification Number for Versus Systems Inc. is 46-4542599.
Filing Stats: 1,929 words · 8 min read · ~6 pages · Grade level 15.1 · Accepted 2024-10-22 16:43:54
Key Financial Figures
- $2,500,000 — ursuant to which ASPIS agreed to make a $2,500,000 investment in the Company. ASPIS, an af
- $500,000 — Company, ASPIS delivered to the Company $500,000 (the "Initial Investment Amount") (with
- $2,000,000 — Investment Amount") (with the remaining $2,000,000 to be delivered on or before November 1
- $4.00 — one Common Share at a purchase price of $4.00 per one whole share, exercisable for fi
- $1 — version rate (the "Conversion Rate") of $1.16, equal to the greater of (1) a prior
- $1.16 — sed on the Initial Funding Date and (2) $1.16 per share; provided, however, that if t
- $10.00 — action, unless such amount is less than $10.00. Also pursuant to the Funding Agreeme
- $3.68 — ommon Share each at a purchase price of $3.68 per Common Share (as adjusted to reflec
- $885,003.20 — Shares") and proceeds to the Company of $885,003.20. Forward-Looking Statements This Cur
Filing Documents
- ea021771301-8k_versus.htm (8-K) — 51KB
- 0001213900-24-089687.txt ( ) — 268KB
- vs-20241016.xsd (EX-101.SCH) — 4KB
- vs-20241016_def.xml (EX-101.DEF) — 26KB
- vs-20241016_lab.xml (EX-101.LAB) — 36KB
- vs-20241016_pre.xml (EX-101.PRE) — 25KB
- ea021771301-8k_versus_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events. As previously discussed, on October 17, 2023, the Company consummated a public offering of warrants (the "2023 Common Warrants") to purchase one Common Share each at a purchase price of $3.68 per Common Share (as adjusted to reflect the Company's one-for-sixteen reverse stock split effective December 28, 2023). On October 16, 2024, 240,490 of the 2023 Common Warrants were exercised, resulting in an issuance of 240,490 Common Shares (the "2023 Common Warrant Common Shares") and proceeds to the Company of $885,003.20. Forward-Looking This Current Report on Form 8-K contains "forward-looking statements". regarding beliefs, plans, outlook, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: uncertainty whether the Company's plan to regain compliance with Nasdaq Listing Rule 5550(b)(1) will be accepted or, if accepted, whether the Company will regain compliance with such rule within the timelines required by Nasdaq, failing which, the Company's securities will be delisted by Nasdaq; uncertainty whether the Company would appeal any delisting notice or whether any such appeal would be successful, failing which, the Company's securities will be delisted by Nasdaq; the risk that delisting of the Company's securities may have a material adverse effect on the Company's share liquidity and trading price and on the Company's ability to obtain financing and continue its business; whether the Company will realize long-term benefits and synergies from the partnership with ASPIS; and the risk of changes in business strategy o
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VERSUS SYSTEMS INC. Date: October 22, 2024 By: /s/ Curtis Wolfe Name: Curtis Wolfe Title: Interim Chief Executive Officer 3